Disclosure Of Remuneration Agreement Template for Singapore

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Key Requirements PROMPT example:

Disclosure Of Remuneration Agreement

"I need a Disclosure of Remuneration Agreement for our Singapore-based tech startup that covers both senior executives and board members, with specific provisions for handling stock options and performance-based compensation, to be implemented by March 2025."

Document background
The Disclosure of Remuneration Agreement is essential in Singapore's corporate environment where transparency and compliance with regulatory requirements are paramount. This agreement is typically used when organizations need to share compensation details with specific parties while maintaining confidentiality and compliance with Singapore's Personal Data Protection Act and Employment Act. It establishes clear protocols for handling sensitive remuneration information, specifies authorized recipients, and outlines protection measures for confidential data. The agreement is particularly relevant for listed companies, financial institutions, and organizations subject to corporate governance requirements in Singapore.
Suggested Sections

1. Parties: Identification of the parties entering into the agreement

2. Background: Context and purpose of the disclosure agreement

3. Definitions: Key terms used throughout the agreement

4. Scope of Disclosure: Details of what remuneration information will be disclosed

5. Confidentiality Obligations: Requirements for handling disclosed information

6. Duration: Period for which the agreement remains in effect

Optional Sections

1. Data Protection Provisions: Additional PDPA compliance clauses, used when sensitive personal data is involved

2. Third Party Disclosure: Rules for sharing information with external parties, used when third-party disclosure is anticipated

3. International Transfer: Provisions for cross-border data transfer, used for multinational organizations

Suggested Schedules

1. Schedule of Remuneration Details: Detailed breakdown of compensation components

2. Authorized Recipients List: List of individuals authorized to access the remuneration information

3. Disclosure Format Template: Standardized format for presenting remuneration information

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions
Industries

Employment Act (Chapter 91): Primary legislation governing employment relationships in Singapore, covering salary regulations, payment terms, and mandatory key employment terms (KETs). Includes record-keeping requirements for employee compensation.

Personal Data Protection Act 2012 (PDPA): Governs the collection, use, and disclosure of personal data, including salary information. Establishes requirements for consent, purpose limitation, and protection of personal information in compensation disclosures.

Companies Act (Chapter 50): Sets out requirements for disclosure of directors' remuneration, corporate governance requirements, and financial reporting standards related to compensation disclosure.

Securities and Futures Act (Chapter 289): Regulates disclosure requirements for listed companies, particularly regarding executive compensation and remuneration reporting requirements.

Income Tax Act: Covers tax implications of salary disclosure and requirements for documentation of compensation for tax reporting purposes.

Corporate Governance Code: Provides guidelines and best practices for remuneration policies, transparency, and disclosure requirements in corporate governance.

MOM Guidelines: Ministry of Manpower guidelines covering fair employment practices and salary-related requirements in Singapore.

Banking Act: Specific requirements for remuneration disclosure in the financial sector, applicable to banking and financial institutions.

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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